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Secretary of State's Office Finds $3.3 billion in Available
Funds

Submitted by gregleo on Mon, 2010-01-11 11:21

Senate
Republican Office
Oregon State Capitol

FOR IMMEDIATE
RELEASE

New state financial report details
$3.3 billion in available funds

Salem, OR – Oregon’s Comprehensive Annual Financial Report
(CAFR) released by the Secretary of State’s office last week states that more
than $3.3 billion in “unreserved, undesignated fund balance… was available for
spending[1].”  A budget plan pushed by Senate Republicans calls for $133
million from those balances to help finance this cycle’s budget in a way that
protects the economy and preserves important services.

“We can protect important government services and Oregon’s economy by using
the money already at the state’s disposal,” said Senator Chris Telfer
(R-Bend).  “This report confirms that there are billions of dollars for use
at the legislature’s discretion.  We should use a small portion of this
money to protect K-12 classrooms, higher education, services for the disabled
and public safety.”

The CAFR, prepared by the State Controller’s Division at the Department of
Administrative Services to analyze the position of the Oregon’s fiscal affairs,
states:

“As of June 30, 2009, the State’s governmental funds reported
combined ending fund balances of $4.4 billion.  Of this amount,
approximately 25.1 percent was reserved for nonspendable items, such as
inventories and permanent fund principal, or for specific purposes, such as debt
service.  The remainder was classified as unreserved, undesignated fund
balance and was available for spending, subject to statutory and constitutional
spending constraints.”[1]

Since by definition lawmakers write statute, any statutory constraints can be
addressed.

“This is money that has piled up in agencies from over-collected fees and it
is revenue that has not been expended as scheduled,” said Senate Republican
Leader Ted Ferrioli (R-John Day). “These are taxpayer dollars that should never
be left stranded in the bureaucracy, but shifted to pay for services Oregonians
need. If we use this money wisely, we can leave the economy to grow and
recover.”

Senate Republicans have announced a budget proposal for the February session,
saying that there are ways to balance the budget without increasing unemployment
or drastically cutting services in the midst of a historic recession.  See
an outline of the budget here:
http://www.backtobasicsbudget.com/images/Back_to_Basics_Budget.pdf

# # #

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